An era of 5% per annum of variable interest rates for main loans… “It is burdensome to change ‘fixed'”

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Today (17th), the interest rate on home mortgage loans has risen again. The variable interest rate has already exceeded the maximum of 5% per annum. Interest rates are likely to rise further in the future, but switching to a fixed rate is burdensome.

Let’s take a look at reporter Kim Jung-woo’s report together.

Mr. A, an office worker in his 30s, is afraid to check the loan interest rate these days.

That’s because the interest you have to pay each month, including the interest on your home equity loan and credit loan, has increased by more than 10% compared to a year ago.

[A 씨/직장인 : 1년 전에 비해서 금리는 1%포인트 이상은 오른 것 같아요. 6개월 사이에 더 급격하게 오르고 있고, 월 120만 원 정도 이자가 나갔다면 최근에는 한 140만 원 정도까지는 오르는 상황인데.]

The interest burden is growing, and the cost of financing index, which is the basis of the loan interest rate, has risen to 1.84% again.

It is the highest in three years.

Banks make floating rate loan products by attaching an additional interest rate to Cofix, and unless banks reduce the additional interest rate, the interest rate will rise accordingly.

In fact, the variable interest rate for mortgage loans in the banking sector has risen to over 5% per annum.

In addition, the central bank of the Republic of Korea (BOK) governor said that he could raise the Korean base rate by 0.5 percentage points at once in consideration of high inflation and US interest rates, so the pressure on interest rates is considerable.

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Fixed interest rates are advantageous during periods of rising interest rates, but 80.5% of new household loans choose floating rates.

This is because the fixed interest rate is already heading towards the 7% range, which is still a burden.

[서지용/상명대 경영학과 교수 : 지금 고정금리 대출 금리가 너무 높기 때문에 상대적으로 변동금리에서 고정금리로 갈아타는 게 좀 부담을 느끼시는 분들이 있어요. 이런 분들은 좀 개선을 해야 할 필요가 있어 보입니다.]

Critics say that unless banks lower their fixed interest rates to an appropriate level or reduce their additional interest rates, the interest rate burden is passed on to customers.

(Video editing: Kim Jun-hee, VJ: Park Hyun-woo)

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